CORRECTION: Allied Energy, Inc. Settles Litigation with Former Officers and Directors
July 31 2013 - 1:46PM
OTC Markets
Allied Energy, Inc.
Settles Litigation with Former Officers and
Directors
BOWLING GREEN, KY-- (Marketwire - July 31, 2013) - Allied Energy,
Inc. ("Allied") (OTCMarkets: AGGI) has entered into a settlement
agreement concerning the litigation and all other matters with
Steven Stengell, its former CEO and Chairman, two other former
officers, and another former employee.
About Allied Energy:
Allied Energy, Inc. sponsors oil & gas partnerships through
which it raises funds for the drilling and development of oil &
gas wells. The Company serves as managing general partner and
as the turnkey operator for the partnerships, and often owns small
interests in the partnerships and/or small interests in the
properties in which the partnerships participate.
The Company's ultimate strategic focus is on the development of oil
and natural gas production and reserves. The Company believes
that its oil and natural gas development strategy will provide
growth to the Company in the future. For more
information:
www.alliedenergy.com
Forward-Looking and Continuing Statements:
Certain statements in this release and the attached corporate
profile that are not historical facts are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements may be identified by the
use of words such as "anticipate," "believe," "expect," "future,"
"may," "will," "would," "should," "plan," "projected," "intend,"
and similar expressions. Such forward-looking statements
involve known and unknown risks, including, but not limited to,
geological and geophysical risks inherent to the oil and gas
industry, and uncertainties and other factors that may cause the
actual results, price of oil and natural gas, state of the economy,
industry regulation, reliance upon expert recommendations and
opinions, and performance or achievements of the Company to be
materially different from those expressed or implied by such
forward-looking statements. The Company's future operating
results are dependent upon many factors, including but not limited
to: (i) the Company's ability to obtain sufficient capital or
strategic business arrangements to fund its drilling plans; (ii)
the Company's ability to build the management and human resources
and infrastructure necessary to support the growth of its business;
(iii) competitive factors and developments beyond the Company's
control, including but not limited to the strength of the overall
economy; and (iv) other risk factors inherent to the oil and gas
industry.
Contact:
Heather Age
Allied Energy, Inc.
2427 Russellville Road
Bowling Green, KY 42101
Phone:800-330-2535
Fax: 800-251-9322
Website:
http://www.alliedenergy.com
Email:
info@alliedenergy.com
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